Russ Steele.
I have been following The Highlands development demise and I wanted to post some thought on this attempt to provide affordable work force housing. Doing some research I found this discontinuity in the reported facts:
The Union. Soumitro Sen writes in Staving off foreclosure
Last-minute house sale convinces bank to postpone courthouse auction
Bill and Susan Ross’ Grass Valley housing development was set to be sold at auction on the courthouse steps Thursday, but a last-minute house sale is giving them another chance to hang onto their investment.
But then I heard this on KNCO
The foreclosure sale of The Highlands development in Grass Valley didn't happen as planned today because Citizens Bank needed the paperwork to be more complete. The foreclosure -- Citizens first ever --- meant the remaining homes in the development would go on the auction block for $8 million. The sale has been pushed back 2 weeks and now is scheduled April 3. Developer Bill Ross said he does have another of the homes in escrow now, but that didn't have any bearing on the postponement of the foreclosure sale.
According to The Union the sale saved the development from auction. According to KNCO the house sale had no bearing on the postponement of the foreclosure sale. And, this information comes from the owner. Where did The Union get their information? Which was right? I think KNCO had the right information, but I could be wrong.
It is unfortunate that the Ross' dream of affordable work force house dream did not become a reality. But, this is what happens when government rules and regulations get in the way of the free market. It was a disaster in Massachusetts time and time again, as reported in university studies that we reported on this blog. Why would it work in Grass Valley? Mike McDaniel has some thoughts on the SESF Blog: Grass Valley Affordable Housing Program Zero, Free Market One